Hyderabad Businessman Loses ₹54 Lakh To Online Trade Fraud
The fraudsters showed the complainant large “virtual profits,” displaying ₹90.72 lakh in his wallet to gain further trust: Police
HYDERABAD: A Hyderabad-based businessman lost ₹53.99 lakh to fraudsters operating a fake online trading platform under the name “Ubsin”.
The complaint, filed on October 28, stated that the victim, a resident of Gachibowli, came across a Facebook advertisement promoting stock trading and was lured with promises of high returns. The ad claimed to offer expert guidance through a trading coach named “Prof Aditi Sharma.”
After registering on the website www.ubsin.net, he was contacted by a woman who identified herself as “Marry,” a “group analyst” with UBS Institutional Accounts. She instructed him to download the trading app “UBSIN” from https://www.ubsin.in.net and guided him in setting up an account.
Believing the platform to be genuine, he first transferred ₹50,000 from his bank account to a beneficiary named Janaki Pradhan through a Nayagarh branch account. Over the next few weeks, he made multiple deposits totalling ₹53.99 lakh into various accounts provided by the accused.
According to police, the fraudsters showed the complainant large “virtual profits,” displaying ₹90.72 lakh in his wallet to gain further trust. They later claimed that he had been allotted 6,000 shares worth ₹27 lakh in a bank IPO and demanded an additional ₹5 lakh as a commission to release his profits.
When he attempted to withdraw funds, the withdrawal options were disabled, and the associated WhatsApp group was deactivated. Realising he had been cheated, the victim approached the Cyberabad Cybercrime police, who registered a case and launched an investigation to trace the suspects and recover the lost amount.
